Virgin Money 16 Month Balance Transfer Credit Card Mastercard review September 2020
Enjoy a lengthy 0% period on balance transfers with Virgin Money.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 16 months reverting to 27.9%|
|Balance transfer fee||3% for 2 months reverting to 5%|
|Purchases||0% for 3 months reverting to 27.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 12 months reverting to 27.9%|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||Earn cashback when you shop online with over 500 top brands with Virgin Money Back.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
One of the big-hitters in the balance transfer game, Virgin Money offers a selection of balance transfer cards to accommodate card users with different monthly budgets and different levels of card debt.
Sadly, the longest 0% periods and the lowest transfer fees won’t usually be found together on the same card. With a large selection of balance transfer deals out there, by comparing what’s available it’s possible to calculate which card would work out least expensive for you.
This card comes with 16 months 0% interest on balances that you transfer across to the new card, but there’s a transfer fee of 3% for 2 months reverting to 5%.
If the 16 months gives you long enough to clear your debt, then this card could be a smart option (after that time, any outstanding balance will start to accrue interest at the card’s standard rate). But if you expect to clear the balance in even less time, then you might be able to bag yourself a deal with no balance transfer fee, which, depending on the size of your outstanding debt, could make for significant savings.
How does this card compare with other similar cards on the market?
When it comes to repayments, you can make manual repayments online or over the phone (0800 389 2875), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee or losing any promotional rates as a result. You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply for the Virgin Money 16 Month Balance Transfer Credit Card Mastercard
If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, use the eligibility checker tool on the Virgin Money website to check that you have a decent likelihood of getting approved, without affecting your credit score. You’ll need to provide your address details for the last three years and in most cases you’ll get an instant response.